Did I get penalized?

So I made a new site trying to rank for a medium competition keyword and after some SEO work it was ranked at 159 (pretty bad, and under stuff way less quality). I started building more backlinks (built a little less than 50k) and blasted the shit out of my proprieties. It's now not even in the top 500. I'm really not sure what to do, the first keyword I tried for it took me 2 weeks to rank number 1. I've been at this for over a month.

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